Sallie Krawcheck, head of Citigroup’s wealth management unit, is leaving the company.
43-year-old Krawcheck, one of the highest-profile women on Wall Street, was seen as the frontrunner to head up the entire company.
Her exit comes as Vikram S. Pandit tries to reshape the company and install his own senior management team. Ms. Krawcheck was criticized by former colleagues in her previous position as finance chief, who felt she was not up to the job. It is unclear what she will do next.
Michael Corbat, who currently heads the corporate and commercial bank in Citigroup’s investment banking unit will replace Krawcheck.
Wealth management includes the Smith Barney brokerage and the private bank, which caters to wealthy clients. Krawcheck was responsible for restoring the image of Smith Barney, who’s image was tarnished in the Wall Street scandal over biased stock research.